Bitcoin Price Increases and Meme Coins Surge Following Trump’s Rally Attack – Decrypt
The price of Bitcoin surged on Saturday following reports that former United States president Donald Trump, the presumptive Republican nominee for the 2024 election, was attacked at a campaign rally in Pennsylvania.
Bitcoin rose from $58,337 to a high of $59,796 in less than an hour, according to data from CoinGecko. This marked the highest price Bitcoin has reached in the past week, although it currently stands at $59,524.
The gains made by Bitcoin seem minimal compared to the significant price increases seen in meme coins inspired by Trump. TREMP has seen the largest gain, rising by 71% to $0.66 in the last 24 hours. TRUMP and MAGA have also experienced increases of 39% and 33%, respectively.
During a campaign rally, Trump reacted to loud noises resembling gunshots or explosions by reaching for his ear, ducking to the ground, and eventually rising with blood on his face as Secret Service agents surrounded him.
The Secret Service confirmed Trump’s safety and reported that the incident is being treated as an assassination attempt, with the shooter reportedly killed by the agency.
As meme coin prices are influenced by social media and real-world events, the rise in Trump-inspired tokens was expected. The increase in Bitcoin’s price following this news can be attributed to Trump’s vocal support for cryptocurrency, contrasting with current president Joe Biden.
Despite the incident, bettors on Polymarket have raised Trump’s chances of winning the election, reaching as high as 71% shortly after the attack. As of now, Trump holds a 67% chance of winning, while Biden is given a 15% chance.
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